List the difference between a bursary loan scholarship and merit award?

Answer 1

scholarship is based on academic merit or on a combination of academic merit and other factors such as extracurricular activities or nomination from a faculty or program. loan is an amount of money "borrowed" to a person which is repayable in instalments with interests. bursary is intended for students who demonstrate financial need. merit award is more like a certificate, trophy or a fixed sum of money given to the receiver once, unlike in a bursary or scholarship for exceptional academic performance.

Answer 2

From Penn State website:What is the difference between a scholarship, a fellowship, a grant and a loan?A scholarship is an award given by an organization or institution to fund the education of a selected student. Usually, the award can be used for tuition, books, room and board, research, travel, or other education related expenses. A fellowship is similar to a scholarship except it generally involves some sort of internship. There are always exceptions to this distinction. A grant funds a student's education and in most cases does not have to be paid back. A loan does have to be paid back but some college loans do not collect interest until the student graduates.From Worcester Polytechnic Institute website:What's the difference between grants, scholarship and fellowships?There is very little difference in practice, and the terms are sometimes used interchangeably. There are a few minor technical distinctions: grants are the most inclusive, representing any grant of money in exchange for a prescribed purpose. Scholarships usually refer to grants in support of undergraduate education, and fellowships usually refer to grants in support of post-baccalaureate projects, or to pre-baccalaureate projects pursued outside the normal curriculum. All scholarships and fellowships are grants.

Answer 3

Depends on the institution really, normally a scholarship is awarded to an individual for outstanding ability in a specific area such as playing football to a high standard whereas a bursary is normally awarded as the individual cannot afford to pay the fees but the institution want him/her to join.

Answer 4

A scholarship is a gift, which does not have to be paid back. A loan does.